1. The possibility of international students purchasing property in Australia
International students can buy real estate in Australia. In fact, anyone can buy a house in Australia, but there will be certain restrictions based on status.
For example, non-Australian citizens or permanent residents can usually only purchase new properties, but not second-hand properties. In addition, international students need to pass the review of the Foreign Investment Review Board (FIRB) when purchasing property.
2. Can international students apply for housing loans?
International students usually need to be over 18 years old to buy a house in Australia, but there are no other strict age restrictions. However, for international students who are younger and lack a stable income, applying for a mortgage loan may be difficult, especially considering that full-time students are only legally allowed to work 24 hours a week.
No matter how you apply for a loan, proof of income is essential, and proof of continuous deposits for at least three months is required. Typically, the mortgage repayment term is 30 years. Therefore, international students need to ensure that they have sufficient funds before purchasing a property and seek advice from a loan manager.
3. Can international students purchase a house jointly with their parents or others?
Australia allows joint names to purchase houses. There are two main ways:
Joint Tenancy: When purchasing a house jointly, unless otherwise stated, a contract will usually be signed in the form of joint tenancy. All joint tenants own the property jointly, and the risks, rights, and benefits of the home are shared among the joint tenants. In addition, joint tenancy is simpler when dealing with estates. If one of the parties dies, the interest in his or her name automatically vests in the remaining surviving party. However, from the perspective of mortgage loans, the loan percentage for international students is limited, which may affect the mortgage amount.
Tenancy in Common: Home buyers can also choose to share their shares of the property freely. Co-signers are free to resell or give away their shares without the consent of the other owners. If one party dies, the deceased can transfer his or her share to the designated beneficiary through a will.
This approach offers homebuyers more flexibility, but it also requires more careful planning and consideration.
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